Which of the following are general categories economists use to classify economic resources?

• A. Money, technology, government, and trade
• B. Goods, services, markets, and prices
• C. Supply, demand, equilibrium, and surplus
• D. Land, labor, capital, and entrepreneurship

Answer: (D)

Verified step by step guidance

1. Understand that economic resources, also known as factors of production, are the inputs used to produce goods and services.
2. Recall the four general categories economists use to classify these resources: Land, Labor, Capital, and Entrepreneurship.
3. Recognize that 'Land' refers to natural resources, 'Labor' to human effort, 'Capital' to manufactured goods used in production, and 'Entrepreneurship' to the initiative to combine the other resources to produce goods and services.
4. Compare the given options to these categories and identify which one matches the four factors of production.
5. Conclude that the correct classification is 'Land, labor, capital, and entrepreneurship' because the other options list concepts related to markets, prices, or economic activities, not resource categories.